Avi, " As we came into 2018, my expectation was that if GLD was able to hold over the 119 region into the summer, we could likely challenge the all-time highs in gold as early as the end of 2018. Unfortunately, with the break below 119, it is likely pushing off that potential until next year. Moreover, with the break below 117.40 this past week in the pre-market, we will need to see another setup develop before we will be ready for a major break out in gold. And, this will likely take weeks to months to re-create."

It is quite possible, IMO, that GDX & GDXJ will repeat in similar pattern as to what happen early last September and thereafter the holiday time frame will only add to miner price disappointment--as did last year. So unless a surprise higher-rise in the miners happens this year in August to suggest the repeating pattern is breaking, I plan to begin selling MT positions in late August along with more in early September.